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They heard "Lets talk turkey" and took it figuratively.

Job fears blight bankers' most restful Thanksgiving for years

The cold months are hard approaching, and they're looking unusually frozen for many investment bankers. For most people in the United States, this weekend is a welcome one, an opportunity to rest before the busy period ahead. America's bankers on the other hand, may be inclined to keep themselves busy.

It’s been a very quiet year. Financial analytics firm Dealogic says equity capital markets activity was down 81% year-on-year in the first nine months of 2022 in America, more than any other market. M&A revenues were down 21%. 

Despite the lack of deals, headhunter Meredith Fiedler Dennes at the Harrison Rush Group therefore suspects that people in banking “will be working on pitches over Thanksgiving.” People are worried about their jobs.

Not without reason. Credit Suisse is cutting 2,700 jobs globally before Christmas as part of its restructuring efforts. Barclays has been trimming juniors. So has Goldman Sachs. 

Some people are still being compelled to work, too. There are “hardos that actually enjoy working on Thanksgiving,” on Wall Street Oasis. There are also hardos who don't enjoy it, but feel they must to preserve their jobs.

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AUTHORAlex McMurray Editor

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